Responding to news that CPI fell to 3.9% in the year to November 2023, down from 4.6% in October, Martin McTague, National Chair of the Federation of Small Businesses (FSB), said:
“The decrease in inflation is a whisper of relief to small firms as we end the year. The reduction marks a significant shift from the staggering 10 per cent figure this time last year at the peak of the cost-of-doing-business crisis.
“As inflationary pressures ease, small firms will be wanting the Bank of England to indicate when interest rates may start to fall – this would increase access to finance, drive economic growth and provide a fighting chance at avoiding a recession.
“Businesses will be hoping for a stable environment characterised by more predictable market conditions and lower costs in 2024.”
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About FSB
As the UK’s largest business support group, FSB is the voice of the UK’s small businesses and the self-employed. Established over 40 years ago to help its members succeed in business, FSB is a non-profit making and non-party political organisation that’s led by its members, for its members. As the UK’s leading business campaigner, FSB is focused on delivering change which supports smaller businesses to grow and succeed.
FSB offers members a wide range of vital business services, including access to finance, business banking, legal advice and support along with a powerful voice in Government. Each year FSB also runs the UK’s Celebrating Small Business Awards. More information is available at www.fsb.org.uk. You can follow us on twitter @fsb_policy and on Instagram @fsb_uk.